蘋果 (AAPL) 2023 Q2 法說會逐字稿

Good day, and welcome to the Apple Q2 Fiscal Year 2023 Earnings Conference Call. This call is being recorded. At this time, for opening remarks and introduction, I would like to turn the call over to Suhasini Chandramouli, Director of Investor Relations. Please go ahead.

美好的一天，歡迎來到 Apple Q2 2023 財年收益電話會議。此通話正在錄音中。現在，關於開場白和介紹，我想把電話轉給投資者關係總監 Suhasini Chandramouli。請繼續。

Thank you. Good afternoon, and thank you for joining us. Speaking first today is Apple's CEO, Tim Cook, and he'll be followed by CFO, Luca Maestri. After that, we'll open the call to questions from analysts.

謝謝。下午好，感謝您加入我們。今天首先發言的是 Apple 首席執行官蒂姆庫克，隨後是首席財務官盧卡梅斯特里。之後，我們將打開分析師提問的電話。

Please note that some of the information you'll hear during our discussion today will consist of forward-looking statements, including, without limitation, those regarding revenue, gross margin, operating expenses, other income and expense, taxes, capital allocation and future business outlook, including the potential impact of macroeconomic conditions on the company's business and results of operations. These statements involve risks and uncertainties that may cause actual results or trends to differ materially from our forecast.

請注意，您在今天的討論中將聽到的一些信息將包含前瞻性陳述，包括但不限於有關收入、毛利率、運營支出、其他收入和支出、稅收、資本分配和未來業務的信息展望，包括宏觀經濟狀況對公司業務和經營業績的潛在影響。這些陳述涉及可能導致實際結果或趨勢與我們的預測存在重大差異的風險和不確定性。

For more information, please refer to the risk factors discussed in Apple's most recently filed annual report on Form 10-K and the Form 8-K filed with the SEC today, along with the associated press release. Apple assumes no obligation to update any forward-looking statements or information, which speak as of their respective dates.

有關更多信息，請參閱 Apple 最近提交的 10-K 表格年度報告和今天向美國證券交易委員會提交的 8-K 表格中討論的風險因素，以及相關的新聞稿。 Apple 不承擔更新任何前瞻性陳述或信息的義務，這些陳述或信息截至各自的日期。

I'd now like to turn the call over to Tim for introductory remarks.

我現在想把電話轉給蒂姆，讓他做介紹性發言。

Thank you, Suhasini. Good afternoon, everyone, and thanks for joining us. Today, we're reporting revenue of $94.8 billion for the March quarter, which was better than our expectations. We set an all-time record for services and a March quarter record for iPhone. We were particularly pleased with the performance we saw in emerging markets and achieved all-time records in Mexico, Indonesia, the Philippines, Saudi Arabia, Turkey and the U.A.E. as well as a number of March quarter records, including in Brazil, Malaysia and India.

謝謝你，蘇哈西尼。大家下午好，感謝您加入我們。今天，我們報告 3 月季度的收入為 948 億美元，好於我們的預期。我們創造了服務的歷史記錄和 iPhone 的 3 月季度記錄。我們對新興市場的表現感到特別滿意，並在墨西哥、印度尼西亞、菲律賓、沙特阿拉伯、土耳其和阿聯酋創造了歷史記錄。以及多項 3 月季度記錄，包括巴西、馬來西亞和印度。

This result is a testament, first and foremost, to our teams around the world who are engaged every day in the work of bringing new innovations to life. It speaks to the incredible power of Apple products and services to enrich people's lives in indispensable ways. And whether it's in the design lab in Cupertino or in one of the brand-new retail stores in India, I am constantly inspired by the way our people come together to make a real difference in the world.

這一結果首先證明了我們在世界各地的團隊每天都在為生活帶來新的創新。它說明了 Apple 產品和服務以不可或缺的方式豐富人們生活的不可思議的力量。無論是在庫比蒂諾的設計實驗室，還是在印度的一家全新零售店，我們的員工齊心協力為世界帶來真正改變的方式不斷給我帶來啟發。

During the March quarter, we continued to face foreign exchange headwinds, which had an impact of more than 500 basis points as well as ongoing challenges related to the macroeconomic environment. Revenue was down 3% year-over-year as a result. While on a constant currency basis, we grew in total and in the vast majority of the markets we track. Despite these challenges, we continue to manage for the long term and to push the limits of what's possible, always on behalf of the customers who depend on our products, whether it's students exploring new frontiers, developers dreaming up their next big idea, or artists taking their creativity to a whole new level.

在 3 月季度，我們繼續面臨外匯逆風，影響超過 500 個基點，以及與宏觀經濟環境相關的持續挑戰。結果，收入同比下降了 3%。在固定匯率的基礎上，我們在總體上以及在我們追踪的絕大多數市場中都實現了增長。儘管面臨這些挑戰，我們繼續進行長期管理並突破可能的極限，始終代表依賴我們產品的客戶，無論是探索新領域的學生、構想下一個偉大創意的開發人員，還是藝術家將他們的創造力提升到一個全新的水平。

Let me share how these results showed up across our lineup of products and services. Let's start with iPhone, which set a new March quarter record with revenue of $51.3 billion. The iPhone 14 and 14 Plus continue to delight users with their long-lasting battery and advanced camera. And our Pro users continue to rave about the most powerful camera system ever in an iPhone. This March, we were excited to expand emergency SOS via satellite to 6 new countries, bringing this important safety feature to even more users. We now offer this vital service in 12 countries, and I'm grateful for every note I receive from around the world about the life-saving impact of our safety features.

讓我分享一下這些結果是如何在我們的產品和服務系列中體現出來的。讓我們從 iPhone 說起，它以 513 億美元的收入創下了 3 月季度的新紀錄。 iPhone 14 和 14 Plus 以其持久耐用的電池和先進的攝像頭繼續取悅用戶。我們的專業用戶繼續對 iPhone 有史以來最強大的相機系統贊不絕口。今年 3 月，我們很高興將通過衛星發出的緊急求救信號擴展到 6 個新國家/地區，為更多用戶帶來這一重要的安全功能。我們現在在 12 個國家/地區提供這項至關重要的服務，對於我從世界各地收到的關於我們的安全功能對挽救生命的影響的每一條留言，我都心存感激。

Now let's turn to Mac, which recorded $7.2 billion in revenue for the March quarter, in line with our expectations. As we noted during our last call, Mac faced a very difficult compare because of the incredibly successful rollout of our M1 chips throughout the Mac lineup last year. And like our other product lines, Mac is facing some macroeconomic and foreign exchange headwinds as well. That said, the advancements we've made in power-efficient performance continue to amaze our users. Our M2 Mac mini customers are raving about the Pro-level powerhouse packed into an ultracompact design. And users are marveling at the power and speed at the heart of every M2-powered MacBook Air and MacBook Pro, which allowed them to sustain even the most demanding workloads.

現在讓我們來看看 Mac，它在 3 月季度錄得 72 億美元的收入，符合我們的預期。正如我們在上次電話會議中指出的那樣，由於去年我們的 M1 芯片在整個 Mac 產品線中取得了令人難以置信的成功，因此 Mac 面臨著非常困難的比較。與我們的其他產品線一樣，Mac 也面臨著一些宏觀經濟和外匯逆風。也就是說，我們在節能性能方面取得的進步繼續令我們的用戶驚嘆不已。我們的 M2 Mac mini 客戶對採用超緊湊設計的專業級強大功能贊不絕口。用戶驚嘆於每台搭載 M2 的 MacBook Air 和 MacBook Pro 的核心功能和速度，這讓他們能夠承受最苛刻的工作負載。

iPad revenue was $6.7 billion, which was also in line with our expectations. Similar to Mac, iPad revenue performance was impacted by macroeconomic challenges, foreign exchange headwinds and a difficult compare with last year when we launched the M1-powered iPad Air. iPad's versatility continues to be its greatest strength as we're helping students learn on the same family of devices artists use to create their next masterpiece.

iPad 收入為 67 億美元，也符合我們的預期。與 Mac 類似，iPad 的收入表現受到宏觀經濟挑戰、外匯逆風以及與去年推出 M1 驅動的 iPad Air 時的艱難比較的影響。 iPad 的多功能性仍然是它的最大優勢，因為我們正在幫助學生在藝術家用來創作下一個傑作的同一系列設備上學習。

Across Wearables, Home and Accessories, revenue was $8.8 billion. With its exceptional range of game-changing health and safety features, Apple Watch becomes more and more indispensable every day. Apple Watch Ultra is attracting adventurers, athletes and everyday users with its breakthrough features built for endurance and exploration. And with summer travel season soon heating up, there's no better companion in the air or on the road than AirPods, the best and most popular headphones in the world.

可穿戴設備、家居和配件的收入為 88 億美元。憑藉一系列改變遊戲規則的卓越健康和安全功能，Apple Watch 變得越來越不可或缺。 Apple Watch Ultra 以其專為耐力和探索而打造的突破性功能吸引了冒險家、運動員和日常用戶。隨著夏季旅遊季節的臨近升溫，AirPods 是空中或旅途中最好的伴侶，它是世界上最好、最受歡迎的耳機。

Meanwhile, Services set an all-time record with $20.9 billion in revenue for the March quarter. We achieved all-time revenue records across App Store, Apple Music, iCloud and payment services. And now with more than 975 million paid subscriptions, we're reaching even more people with our lineup of services.

與此同時，服務業在 3 月季度創下了 209 億美元收入的歷史記錄。我們在 App Store、Apple Music、iCloud 和支付服務方面創造了歷史收入記錄。現在，我們擁有超過 9.75 億的付費訂閱用戶，我們的服務陣容覆蓋了更多的人。

Apple TV+ continues to draw praise from customers and reviewers alike. During the past quarter, fans tuned in to incredible new series like Shrinking and The Big Door Prize and got to welcome Ted Lasso back into their homes for a third season. Movies like Tetris are captivating viewers with many more to come, including Martin Scorsese's Killers of the Flower Moon later this year. Three years since its launch, Apple TV+ programming has been celebrated across the globe with over 1,450 nominations and more than 350 wins. Recently, we were thrilled to cheer on The Boy, the Mole, the Fox and the Horse, which won an Academy Award for best animated short film.

Apple TV+ 繼續受到客戶和評論家的一致好評。在上個季度，粉絲們收看了令人難以置信的新劇集，如《驚魂未定》和《大門獎》，並歡迎泰德·拉索第三季回到他們的家中。像《俄羅斯方塊》這樣的電影吸引著觀眾的還有更多即將上映的電影，包括今年晚些時候馬丁·斯科塞斯的《花月殺手》。自推出三年以來，Apple TV+ 節目在全球範圍內獲得了超過 1,450 項提名和超過 350 項勝利。最近，我們為獲得奧斯卡最佳動畫短片獎的《男孩、鼴鼠、狐狸和馬》歡呼雀躍。

The first season of our historic 10-year partnership with Major League Soccer is well underway. With MLS Season Pass, we've created the ultimate destination for soccer fans, offering subscribers the ability to watch every match with no blackouts. And with baseball season in full swing, Apple TV+ subscribers can watch their favorite teams with the return of Friday Night Baseball.

我們與美國職業足球大聯盟歷史性 10 年合作夥伴關係的第一個賽季正在順利進行。借助 MLS Season Pass，我們為足球迷創造了終極目的地，讓訂閱者能夠觀看每場比賽而不會中斷。隨著棒球賽季如火如荼地進行，Apple TV+ 訂閱者可以觀看他們最喜歡的球隊觀看 Friday Night Baseball 的回歸。

This quarter, we launched Apple Music Classical, a standalone app that gives something special to classical music lovers. Apple Music Classical packs the largest library of classical music on earth into a thoughtful and intuitive design that strikes all the right notes. Whether you're listening with AirPods or HomePod, the premium sound experience of Apple Music Classical will leave you with the feeling of being front row at the Symphony just behind the conductor.

本季度，我們推出了 Apple Music Classical，這是一款獨立應用程序，可為古典音樂愛好者提供一些特別的東西。 Apple Music Classical 將地球上最大的古典音樂庫打包到一個周到且直觀的設計中，以敲擊所有正確的音符。無論你是使用 AirPods 還是 HomePod 聆聽，Apple Music Classical 的優質音效體驗都會讓你感覺身處交響樂團的前排，就在指揮的身後。

In March, we also launched Apple Pay Later. Designed with users' privacy and financial health in mind, Apple Pay Later allows users to split purchases into multiple payments with no interest or fees. And last month, we introduced Apple Card Savings accounts to give users even more value out of their daily cash Apple Card benefit.

3 月，我們還推出了 Apple Pay Later。 Apple Pay Later 在設計時考慮了用戶的隱私和財務健康，允許用戶將購買分成多次付款，不收取利息或費用。上個月，我們推出了 Apple Card Savings 賬戶，讓用戶從他們的日常 Apple Card 現金福利中獲得更多價值。

At Apple, our customers are at the center of everything we do. Nowhere is that more evident than retail, where our teams are dedicated to sharing the best of Apple with our customers. And we're constantly innovating to deliver exceptional experiences and meet our customers where they are. In the U.S., we launched Shop with a Specialist over Video, a new way for customers to learn about iPhone and find the one that's just right for them. And as I noted earlier, in a milestone for Apple, we just opened our first 2 Apple stores in India, in Mumbai and Delhi. I was there to see it for myself, and I couldn't have been more delighted by the excitement and enthusiasm of the customers, developers, creatives and team members I got to spend time with.

在 Apple，我們所做的一切都以客戶為中心。這一點在零售業表現得最為明顯，我們的團隊致力於與客戶分享 Apple 的精華。我們不斷創新，以提供卓越的體驗並隨時隨地滿足客戶的需求。在美國，我們推出了 Shop with a Specialist over Video，這是一種讓客戶了解 iPhone 並找到適合他們的 iPhone 的新方式。正如我之前提到的，作為 Apple 的一個里程碑，我們剛剛在印度的孟買和德里開設了我們的前 2 家 Apple 商店。我在那裡親眼目睹了它，與我共度時光的客戶、開發人員、創意人員和團隊成員的興奮和熱情讓我感到無比高興。

I've had the chance to connect with customers and teams all around the world in recent months. So many people shared with me that they were fans of Apple, not just because of the innovations we create, but because of the values that guide us. And that means a great deal to us. We're constantly striving to make a positive difference in people's lives and be a force for progress. We're investing in education to give students the skills they need to shape the future. We're helping to create pathways of opportunity for communities of color through our Racial Equity and Justice Initiative. And every day, we're building an even more inclusive and diverse Apple rooted in our culture of belonging.

最近幾個月，我有機會與世界各地的客戶和團隊建立聯繫。很多人跟我說，他們是 Apple 的粉絲，不僅因為我們創造的創新，還因為指導我們的價值觀。這對我們來說意義重大。我們不斷努力為人們的生活帶來積極的改變，並成為進步的力量。我們正在投資教育，讓學生掌握塑造未來所需的技能。我們正在通過我們的種族平等和正義倡議幫助為有色人種社區創造機會途徑。每一天，我們都在打造一個根植於我們歸屬感文化的更具包容性和多樣性的 Apple。

To better understand how our work intersects with our values, look no further than what we're doing for the environment. We just celebrated Earth Day in April, and during that month, Apple announced that its global manufacturing partners now support over 13 gigawatts of renewable energy, a nearly 30% increase in just the last year. This translates to 17.4 million metric tons of avoided carbon emissions, the equivalent of removing nearly 3.8 million cars from the road.

要更好地了解我們的工作如何與我們的價值觀相交，只需看看我們為環境所做的事情。我們剛剛在 4 月慶祝了地球日，在那個月，Apple 宣布其全球製造合作夥伴現在支持超過 13 吉瓦的可再生能源，僅在去年就增長了近 30%。這相當於避免了 1740 萬公噸的碳排放，相當於從道路上減少了近 380 萬輛汽車。

We're also investing up to an additional $200 million in our Restore Fund, which is designed to support innovative, scalable, nature-based carbon removal projects with the goal of removing 1 million metric tons of carbon every year. These are just the latest steps on our journey toward our 2030 goal to be carbon neutral across our supply chain and life cycle of our devices.

我們還將向恢復基金追加投資高達 2 億美元，該基金旨在支持創新、可擴展、基於自然的碳清除項目，目標是每年清除 100 萬噸碳。這些只是我們實現 2030 年目標的最新步驟，即在我們的供應鍊和設備生命週期中實現碳中和。

At the same time, we're advancing renewable energy across our supply chain. We're also sourcing more recycled materials in our products. Last month, we announced our plans to have all Apple-designed batteries include 100% certified recycled cobalt by 2025. And we remain committed to, one day, using only recycled and renewable materials in our products.

與此同時，我們正在整個供應鏈中推進可再生能源。我們還在我們的產品中採購更多的回收材料。上個月，我們宣布了到 2025 年所有 Apple 設計的電池都包含 100% 經認證的回收鈷的計劃。我們仍然承諾，有朝一日，我們的產品將僅使用回收和可再生材料。

We have a deep sense of mission here at Apple. We believe in the power of innovation to build a better world. We are determined to do our best work on behalf of our customers and to give them the tools that can enrich lives. So we will manage for the long term, just as we always have, with our eyes to the horizon, with limitless creativity and with a deep belief that we can achieve anything we put our minds to.

在 Apple，我們有著深刻的使命感。我們相信創新的力量可以建設一個更美好的世界。我們決心為客戶盡最大努力，為他們提供可以豐富生活的工具。因此，我們將一如既往地著眼於長遠，以無限的創造力和堅信我們可以實現我們所想的任何事情的堅定信念，著眼長遠。

With that, I'll turn it over to Luca.

有了這個，我會把它交給盧卡。

Thank you, Tim, and good afternoon, everyone. Revenue for the March quarter was $94.8 billion, down 3% from last year and better than our expectations. Foreign exchange had a negative impact of over 5 percentage points on our results, in line with what we had expected. On a constant currency basis, our revenue grew year-over-year in total and in the majority of the markets we track. In addition to the records in emerging markets that Tim mentioned, we also set March quarter records in Australia, Canada, Spain and Switzerland, among others.

謝謝蒂姆，大家下午好。 3 月季度的收入為 948 億美元，比去年下降 3%，好於我們的預期。外匯對我們的業績產生了超過 5 個百分點的負面影響，符合我們的預期。在固定匯率的基礎上，我們的收入總額和我們追踪的大多數市場都同比增長。除了蒂姆提到的新興市場的記錄外，我們還在澳大利亞、加拿大、西班牙和瑞士等地創造了 3 月季度的記錄。

Products revenue was $73.9 billion, down 5% from last year, due to challenging compares on Mac and iPad. iPhone, however, reached a March quarter revenue record, thanks to very strong performance in emerging markets from South Asia and India to Latin America and the Middle East. During the quarter, our installed base of active devices continued to grow at a nice pace, thanks to extremely high levels of customer satisfaction and loyalty and reached an all-time high for all major product categories and geographic segments. Our Services set an all-time revenue record of $20.9 billion, up 5% year-over-year, on top of growing 17% in the March quarter a year ago.

由於 Mac 和 iPad 的比較具有挑戰性，產品收入為 739 億美元，比去年下降 5%。然而，由於從南亞和印度到拉丁美洲和中東等新興市場的強勁表現，iPhone 創下了 3 月季度的收入記錄。本季度，由於極高的客戶滿意度和忠誠度，我們的有源設備安裝基數繼續以良好的速度增長，並在所有主要產品類別和地理區域均創下歷史新高。我們的服務創下了 209 億美元的歷史收入記錄，同比增長 5%，而去年同期增長 17%。

We reached an all-time Services revenue record in Greater China and March quarter records in Americas, Europe and rest of Asia Pacific. Company gross margin was 44.3%, up 130 basis points from last quarter, driven by cost savings and favorable mix shift towards Services, partially offset by leverage. Products gross margin was 36.7%, decreasing 30 basis points sequentially due to seasonal loss of leverage and mix, partially offset by favorable costs. Services gross margin was 71%, up 20 basis points sequentially.

我們在大中華區的服務收入創下歷史新高，在美洲、歐洲和亞太地區的 3 月季度創下歷史新高。公司毛利率為 44.3%，比上一季度上升 130 個基點，這主要是受成本節約和向服務的有利組合轉變的推動，部分被槓桿所抵消。產品毛利率為 36.7%，由於槓桿和組合的季節性損失而連續下降 30 個基點，部分被有利的成本所抵消。服務毛利率為 71%，環比上升 20 個基點。

Operating expenses of $13.7 billion were at the low end of the guidance range we provided at the beginning of the quarter and continued to decelerate from the December quarter. We are closely managing our spend by remaining focused on long-term growth with continued investment in innovation and product development. Net income was $24.2 billion. Diluted earnings per share were $1.52, unchanged versus last year, and we generated very strong operating cash flow of $28.6 billion.

137 億美元的運營支出處於我們在本季度初提供的指導範圍的低端，並且從 12 月季度開始繼續減速。我們通過持續投資於創新和產品開發，繼續專注於長期增長，從而密切管理我們的支出。淨收入為 242 億美元。每股攤薄收益為 1.52 美元，與去年持平，我們產生了 286 億美元的強勁運營現金流。

Let me now provide more detail for each of our revenue categories. iPhone revenue set a March quarter record of $51.3 billion, up 2% year-over-year, despite significant foreign exchange headwinds and a challenging macroeconomic environment. We set March quarter records in several developed and emerging markets with India, Indonesia, Turkey and the U.A.E. doubling on a year-over-year basis. Our active installed base of iPhone grew to a new all-time high and was up in all our geographic segments. We are very pleased by the results of the latest survey of U.S. consumers from 451 Research, which measured customer satisfaction at 99% for the iPhone 14 family.

現在讓我為我們的每個收入類別提供更多詳細信息。 iPhone 收入創下 3 月季度 513 億美元的紀錄，同比增長 2%，儘管存在重大的外匯逆風和充滿挑戰的宏觀經濟環境。我們在印度、印度尼西亞、土耳其和阿聯酋等多個發達和新興市場創造了 3 月季度記錄。同比增長一倍。我們 iPhone 的活躍安裝基數增長到歷史新高，並且在我們所有的地理區域都有所增長。我們對 451 Research 對美國消費者的最新調查結果感到非常高興，該調查顯示 iPhone 14 系列的客戶滿意度為 99%。

Mac revenue was $7.2 billion, down 31% year-over-year and in line with our expectations. These results were driven by the challenging macroeconomic environment, coupled with a difficult compare against last year's launch of the completely reimagined M1 MacBook Pros. Despite this, the installed base of active Macs reached an all-time high across all geographic segments, and we continue to see strong upgraded activity to Apple silicon. Also, the latest survey of U.S. consumers from 451 Research reported customer satisfaction at 96% for Mac.

Mac 收入為 72 億美元，同比下降 31%，符合我們的預期。這些結果是由充滿挑戰的宏觀經濟環境推動的，再加上與去年推出的完全重新設計的 M1 MacBook Pro 進行了艱難的比較。儘管如此，活躍 Mac 的安裝基數在所有地理區域都達到了歷史最高水平，而且我們繼續看到 Apple 芯片的強勁升級活動。此外，來自 451 Research 的最新美國消費者調查顯示，客戶對 Mac 的滿意度為 96%。

iPad generated $6.7 billion in revenue, down 13% year-over-year and in line with our expectations. This performance was due to 2 key factors: a tough compare against the launch of iPad Air powered by the M1 chip in the year ago quarter; and headwinds from the macroeconomic environment. The iPad installed base reached a new all-time high in all geographic segments, thanks to exceptional customer loyalty and a high number of new customers. In fact, over half of the customers who purchased iPads during the quarter were new to the product.

iPad 創造了 67 億美元的收入，同比下降 13%，符合我們的預期。這一表現歸功於兩個關鍵因素：與去年同期推出的搭載 M1 芯片的 iPad Air 相比，這是一個艱難的對比；以及來自宏觀經濟環境的逆風。由於卓越的客戶忠誠度和大量新客戶，iPad 的安裝基數在所有地區均創下歷史新高。事實上，本季度購買 iPad 的客戶中有一半以上是該產品的新客戶。

Wearables, Home and Accessories revenue was $8.8 billion, down 1% year-over-year as the category experienced the impact from the macroeconomic environment. However, we did set March quarter records both in the U.S. and in Greater China. We continue to see strength in our Watch installed base, which set a new all-time record, thanks to very high customer loyalty and new-to rates. Nearly 2/3 of customers purchasing an Apple Watch during the quarter were new to the product.

可穿戴設備、家居和配件收入為 88 億美元，同比下降 1%，因為該類別受到宏觀經濟環境的影響。然而，我們確實在美國和大中華區創造了 3 月季度的記錄。由於非常高的客戶忠誠度和新客戶率，我們繼續看到 Watch 安裝基礎的實力，創下了新的歷史記錄。在本季度購買 Apple Watch 的客戶中，近 2/3 是該產品的新客戶。

Moving to Services. We reached a new all-time revenue record of $20.9 billion. And in addition to the all-time records Tim mentioned earlier, we set March quarter records for advertising, AppleCare and video. Despite these records, as we saw in recent quarters, certain services offerings such as digital advertising and mobile gaming continue to be affected by the current macroeconomic environment. Stepping back, however, the continued growth in Services is the reflection of our ecosystem strength and the positive momentum we're seeing across several key metrics. First, our growing installed base of over 2 billion active devices represents a great foundation for future expansion of our ecosystem.

轉向服務。我們創下了 209 億美元的新的歷史收入記錄。除了 Tim 之前提到的歷史記錄外，我們還創造了廣告、AppleCare 和視頻的 3 月季度記錄。儘管有這些記錄，但正如我們在最近幾個季度看到的那樣，數字廣告和手機遊戲等某些服務產品繼續受到當前宏觀經濟環境的影響。然而，退一步說，服務的持續增長反映了我們的生態系統實力和我們在幾個關鍵指標上看到的積極勢頭。首先，我們不斷增長的超過 20 億活躍設備的安裝基礎代表了我們生態系統未來擴展的良好基礎。

We continue to grow across every major product category and geographic segment, thanks to very high levels of customer loyalty and satisfaction. Second, we saw increased customer engagement with our services during the quarter. Both our transacting accounts and paid accounts grew double digits year-over-year, each setting a new all-time record. Third, paid subscriptions showed strong growth. We now have more than 975 million paid subscriptions across the services on our platform, up 150 million during the last 12 months and nearly double the number of paid subscriptions we had only 3 years ago.

得益於極高的客戶忠誠度和滿意度，我們在每個主要產品類別和地理區域繼續發展。其次，我們看到本季度客戶對我們服務的參與度有所提高。我們的交易賬戶和付費賬戶同比增長兩位數，均創下歷史新高。三是付費訂閱增長強勁。現在，我們平台上所有服務的付費訂閱人數超過 9.75 億，比過去 12 個月增加了 1.5 億，幾乎是 3 年前付費訂閱人數的兩倍。

And finally, we continue to improve the breadth and the quality of our current services offerings from new content on Apple TV+ to great new features available in Apple Pay and Apple Music, which we believe our customers will love.

最後，我們繼續改進我們當前服務產品的廣度和質量，從 Apple TV+ 上的新內容到 Apple Pay 和 Apple Music 中可用的強大新功能，我們相信我們的客戶會喜歡這些服務。

Turning to the enterprise market. We see business customers continuing to invest in the Apple platform to drive higher employee productivity and satisfaction. In Brazil, Boticário Group, the world's largest cosmetics franchiser, originally started with iPhone to help employees manage operations across a network of retail stores, franchisees and resellers. As it continues to digitize its business, Boticário has chosen to move all software development in-house and adopted Mac as the standard device for all of their developer teams across the world.

轉向企業市場。我們看到企業客戶繼續投資於 Apple 平台，以提高員工的工作效率和滿意度。在巴西，全球最大的化妝品特許經營商 Boticário Group 最初使用 iPhone 開始幫助員工管理零售店、特許經營商和經銷商網絡的運營。隨著業務的不斷數字化，Boticário 選擇將所有軟件開發轉移到內部，並採用 Mac 作為其全球所有開發團隊的標准設備。

In small business, we see an increasing number of customers relying on Apple hardware, software and services to power their businesses forward, from accepting payments on iPhone, to tracking inventory on Mac or iPad, to managing employee devices with Apple Business Essentials. As we celebrate National Small Business Week here in the U.S., we are proud to continue supporting the small business community.

在小型企業中，我們看到越來越多的客戶依賴 Apple 硬件、軟件和服務來推動業務發展，從在 iPhone 上接受付款，到在 Mac 或 iPad 上跟踪庫存，再到使用 Apple Business Essentials 管理員工設備。當我們在美國慶祝全國小企業周時，我們很自豪能夠繼續支持小企業社區。

Let me now turn to our cash position and capital return program. We ended the quarter with over $166 billion in cash and marketable securities. We repaid $2.3 billion in maturing debt and increased commercial paper by about $300 million, leaving us with total debt of $110 billion. As a result, net cash was $57 billion at the end of the quarter. During the March quarter, we returned over $23 billion to shareholders, including $3.7 billion in dividends and equivalents and $19.1 billion through open market repurchases of 129 million Apple shares.

現在讓我談談我們的現金頭寸和資本回報計劃。本季度結束時，我們擁有超過 1660 億美元的現金和有價證券。我們償還了 23 億美元的到期債務並增加了約 3 億美元的商業票據，使我們的債務總額達到 1100 億美元。因此，本季度末的淨現金為 570 億美元。在第三季度，我們向股東返還了超過 230 億美元，其中包括 37 億美元的股息和等價物，以及通過公開市場回購 1.29 億股 Apple 股票獲得的 191 億美元。

Given the continued confidence we have in our business now and into the future, today, our Board has authorized an additional $90 billion for share repurchases as we maintain our goal of getting to net cash neutral over time. We're also raising our dividend by 4% to $0.24 a share, and we continue to plan for annual increases in the dividend going forward.

鑑於我們對現在和未來業務的持續信心，今天，我們的董事會已批准追加 900 億美元用於股票回購，因為我們維持了隨著時間的推移實現淨現金中性的目標。我們還將股息提高 4% 至每股 0.24 美元，並且我們繼續計劃在未來每年增加股息。

As we move ahead into the June quarter, I'd like to review our outlook, which includes the types of forward-looking information that Suhasini referred to at the beginning of the call. We expect our June quarter year-over-year revenue performance to be similar to the March quarter, assuming that the macroeconomic outlook does not worsen from what we are projecting today for the current quarter. Foreign exchange will continue to be a headwind, and we expect a negative year-over-year impact of nearly 4 percentage points.

隨著我們進入 6 月季度，我想回顧一下我們的展望，其中包括 Suhasini 在電話會議開始時提到的前瞻性信息類型。我們預計我們的 6 月季度同比收入表現將與 3 月季度相似，前提是宏觀經濟前景不會比我們今天對本季度的預測惡化。外匯將繼續成為逆風，我們預計同比負面影響將近 4 個百分點。

For Services, we expect our June quarter year-over-year revenue growth to be similar to the March quarter while continuing to face macroeconomic headwinds in areas such as digital advertising and mobile gaming. We expect gross margin to be between 44% and 44.5%. We expect OpEx to be between $13.6 billion and $13.8 billion. We expect OI&E to be around negative $250 million, excluding any potential impact from the mark-to-market of minority investments and our tax rate to be around 16%.

對於服務，我們預計我們 6 月季度的收入同比增長將與 3 月季度相似，同時在數字廣告和移動遊戲等領域繼續面臨宏觀經濟逆風。我們預計毛利率在 44%至 44.5%之間。我們預計 OpEx 將在 136 億美元至 138 億美元之間。我們預計 OI&E 約為負 2.5 億美元，不包括少數股權投資按市值計算的任何潛在影響，我們的稅率約為 16%。

Finally, reflecting the dividend increase I mentioned earlier, today, our Board of Directors has declared a cash dividend of $0.24 per share of common stock payable on May 18, 2023, to shareholders of record as of May 15, 2023.

最後，為了反映我之前提到的股息增加，今天，我們的董事會宣布將於 2023 年 5 月 18 日向截至 2023 年 5 月 15 日登記在冊的股東派發每股 0.24 美元的現金股息。

With that, let's open the call to questions.

有了這個，讓我們打開問題的電話。

Thank you, Luca. (Operator Instructions) Operator, may we have the first question, please?

謝謝你，盧卡。 （接線員說明）接線員，我們可以問第一個問題嗎？

Certainly. We will go ahead and take our first question from Erik Woodring of Morgan Stanley.

當然。我們將繼續回答摩根士丹利的埃里克伍德林的第一個問題。

Tim, maybe if we start with you. If we go back to the December quarter and the shutdowns -- the production shutdowns around the time, I think the question a lot of us were asking was, how should we think about the deferral of demand versus destruction of demand? March quarter was quite strong, 2% year-over-year iPhone growth. And so as we sit here in May, how have you seen customers that weren't able to purchase during the December quarter behave? Meaning, are you seeing that they deferred purchases to March and June? Could they be deferring purchases to later in hopes of buying a new iPhone? Just how should maybe we think about the cadence of that? And then I have a follow-up.

蒂姆，也許我們可以從你開始。如果我們回到 12 月的那個季度和停產——當時的生產停產，我想我們很多人都在問的問題是，我們應該如何考慮需求的延遲與需求的破壞？ 3 月季度相當強勁，iPhone 同比增長 2%。因此，當我們 5 月坐在這裡時，您如何看待在 12 月季度無法購買的客戶的行為？意思是，您是否看到他們將採購推遲到 3 月和 6 月？他們會推遲購買以期購買新 iPhone 嗎？我們應該如何考慮它的節奏？然後我有一個後續行動。

Erik, it's hard to quantify this, but we do believe we did recapture some amount of sales in the March quarter as we did see the iPhone performance accelerate relative to the December quarter. The production levels for the whole quarter were where we wanted them to be. So supply was not an issue during Q2.

Erik，很難對此進行量化，但我們確實相信我們確實在 3 月季度重新獲得了一定數量的銷售額，因為我們確實看到 iPhone 的性能相對於 12 月季度有所加速。整個季度的生產水平都符合我們的預期。因此，第二季度供應不是問題。

Okay. Perfect. And Tim, maybe to follow up. It's been 3 or 4 quarters now that you've mentioned emerging markets like India and others, and I imagine having just opened 2 new stores in the country, it's clearly an important market for you. So maybe can you just talk about why you see India as such an important market? And others, how you think about monetization trends in the country? And specifically, what you have to do within the country to really ensure that India becomes maybe a more material mix of your business? And that's it for me.

好的。完美的。蒂姆，也許會跟進。你提到印度等新興市場已經有 3 或 4 個季度了，我想剛剛在該國開設了 2 家新店，這顯然對你來說是一個重要的市場。那麼也許你能談談為什麼你認為印度是一個如此重要的市場嗎？還有其他人，您如何看待該國的貨幣化趨勢？具體來說，您必須在國內做些什麼才能真正確保印度成為您業務的更多物質組合？對我來說就是這樣。

Yes, sure. Looking at the business in India, we did set a quarterly record and grew very strong double digits year-over-year. So it was quite a good quarter for us. Taking a step back, India is an incredibly exciting market. It's a major focus for us. I was just there in the dynamism in the market. The vibrancy is unbelievable. Over time, we've been expanding our operations there to serve more customers. And 3 years ago, we launched the Apple Store online. And then as you just mentioned, we launched 2 stores just a few weeks ago, and they're off to a great start, one in Mumbai and one in Delhi. We've got a number of channel partners in the country as well that we're partnering with, and we're very happy with how that's going. Overall, I couldn't be more delighted and excited by the enthusiasm I'm seeing for the brand there. There are a lot of people coming into the middle class, and I really feel that India is at a tipping point, and it's great to be there.

是的，當然。看看印度的業務，我們確實創下了季度記錄，並且同比增長非常強勁，達到兩位數。所以這對我們來說是一個很好的季度。退一步說，印度是一個令人難以置信的令人興奮的市場。這是我們的主要關注點。我就在市場的活力中。活力令人難以置信。隨著時間的推移，我們一直在擴大我們在那裡的業務以服務更多的客戶。 3 年前，我們推出了在線 Apple Store。然後正如你剛才提到的，我們在幾週前開設了 2 家商店，開局很好，一家在孟買，一家在德里。我們在國內也有許多渠道合作夥伴，我們正在與之合作，我們對進展情況感到非常滿意。總的來說，我對那裡的品牌充滿熱情感到非常高興和興奮。有很多人進入中產階級，我真的覺得印度正處於一個轉折點，能在那裡真是太好了。

On other emerging markets, we had a stellar quarter in emerging markets overall, as I had mentioned, with record set in a number of different places, including Indonesia, and Mexico, the Philippines, Saudi Arabia, Turkey, U.A.E., and then quarterly records in Brazil, India and Malaysia. And so it was a great quarter for emerging markets in general, despite the headwinds of the currency that Luca mentioned. And so we're putting efforts in a number of these markets and really see, particularly given our low share and the dynamics of the demographics, et cetera, a great opportunity for us in those markets.

在其他新興市場，正如我之前提到的，我們在新興市場總體上有一個出色的季度，在許多不同的地方創下了紀錄，包括印度尼西亞、墨西哥、菲律賓、沙特阿拉伯、土耳其、阿聯酋，然後是季度記錄在巴西、印度和馬來西亞。因此，儘管盧卡提到了貨幣的逆風，但總體而言，對於新興市場來說，這是一個很好的季度。因此，我們正在這些市場中的一些努力，並且真正看到，特別是考慮到我們的低份額和人口動態等，我們在這些市場中的巨大機會。

Our next question is from Mike Ng of Goldman Sachs.

我們的下一個問題來自高盛的 Mike Ng。

It's encouraging to hear about the record installed base across iPhone and across all devices. It's been, I think, double-digit growth over the last few years across the active devices. I was just wondering, is that a good way to think about the installed base growth going forward? And then for the iPhone installed base, specifically, I was just wondering if you could provide a little bit of texture around how you think about the growth there, whether regionally or by first smartphones versus switchers? And then I have a quick follow-up.

聽到 iPhone 和所有設備上創紀錄的安裝基數令人鼓舞。我認為，在過去幾年中，活躍設備的增長率一直是兩位數。我只是想知道，這是考慮未來安裝基數增長的好方法嗎？然後對於 iPhone 安裝基礎，具體來說，我只是想知道您是否可以提供一些關於您如何看待那裡的增長的紋理，無論是區域性的還是第一批智能手機與切換器？然後我有一個快速跟進。

Yes. If you look at the installed base of active devices now, overall, it's more than 2 billion. As you know, we announced in January that we surpassed that. And this quarter, our Q2, rather, we set new records across each of the geographic segments in each of the major product categories. And that's despite declines in current quarter sales, in particular, in Mac and iPad. This is a huge asset for us, and it's a testament to the overall customer satisfaction and engagement and loyalty of our customers. And so we view this as a major asset for us. The iPhone base is well over 1 billion active devices. We see this as upgrade rates and these sorts of things may change quarter-to-quarter depending upon macroeconomic. But if you back up and look at the installed base, we feel great about the size of it and the rate that it's growing.

是的。如果你看看現在活躍設備的安裝基數，總的來說，它超過了 20 億。如您所知，我們在 1 月份宣布我們超越了這一目標。而本季度，我們的第二季度，我們在每個主要產品類別的每個地理區域都創造了新記錄。儘管本季度銷售額有所下降，尤其是 Mac 和 iPad，但情況仍然如此。這對我們來說是一筆巨大的財富，它證明了我們客戶的總體滿意度、參與度和忠誠度。因此，我們將其視為我們的一項重要資產。 iPhone 的活躍設備數量遠遠超過 10 億。我們將其視為升級率，這些事情可能會根據宏觀經濟情況逐季變化。但是，如果您回頭看看已安裝的基礎，我們對它的規模和增長速度感到非常滿意。

Great. Excellent. And then it was also encouraging to see the number of devices per iPhone user continue to grow. I was just wondering if you could talk about the opportunity to continue to increase that number of Apple devices per iPhone user? And if you have any color around how the monetization per user may differ from those, for lack of a better words, super users versus those that may not be as deep into the ecosystem?

偉大的。出色的。然後看到每個 iPhone 用戶擁有的設備數量繼續增長也令人鼓舞。我只是想知道你是否可以談談繼續增加每位 iPhone 用戶擁有的 Apple 設備數量的機會？如果您對每個用戶的貨幣化可能有何不同有任何顏色，由於缺乏更好的詞語，超級用戶與那些可能不那麼深入生態系統的用戶？

We try really hard to design our products in such a way that they work seamlessly together. And so whether that's the Watch or the Mac and so that you can start working on one device and finish it on the other. And so there are a good deal of people out there that have multiple Apple devices. And I think this is a testament to the customer satisfaction and loyalty that we've been able to get from the incredible design that our engineering teams do on our products.

我們非常努力地設計我們的產品，使它們能夠無縫地協同工作。因此，無論是 Watch 還是 Mac，您都可以在一台設備上開始工作，然後在另一台設備上完成。因此，有很多人擁有多台 Apple 設備。我認為這證明了我們能夠從我們的工程團隊對我們產品所做的令人難以置信的設計中獲得客戶滿意度和忠誠度。

Our next question is from Shannon Cross of Credit Suisse.

我們的下一個問題來自瑞士信貸的 Shannon Cross。

Tim, can you talk a bit about AI? Obviously, more than the topic of the day, it seems like the topic of the year. Just how do you think about it through your products and services? I know you use it in different ways. But also, if you can just give us any thoughts you have on generative AI, and I don't know where you see it going? Not sure what you want to say on it, but I'm really curious as to your take.

蒂姆，你能談談人工智能嗎？顯然，不僅僅是當天的話題，它似乎是當年的話題。您如何通過您的產品和服務來考慮它？我知道你以不同的方式使用它。而且，如果你能告訴我們你對生成人工智能的任何想法，我不知道你認為它會走向何方？不確定你想說什麼，但我真的很好奇你的看法。

Yes. Thanks for the question, Shannon. As you know, we don't comment on product road maps. I do think it's very important to be deliberate and thoughtful in how you approach these things. And there's a number of issues that need to be sorted as is being talked about in a number of different places, but the potential is certainly very interesting. And we've obviously made enormous progress integrating AI and machine learning throughout our ecosystem, and we weaved it into products and features for many years, as you probably know. You can see that in things like fall detection and crash detection and ECG. These things are not only great features. They're saving people's lives out there. And so it's absolutely remarkable. And so we are -- we view AI as huge. And we'll continue weaving it in our products on a very thoughtful basis.

是的。謝謝你的問題，香農。如您所知，我們不對產品路線圖發表評論。我確實認為在處理這些事情時要深思熟慮和深思熟慮是非常重要的。正如在許多不同地方討論的那樣，有許多問題需要分類，但潛力肯定非常有趣。很明顯，我們在整個生態系統中集成人工智能和機器學習方面取得了巨大進步，多年來我們將其融入產品和功能中，正如您可能知道的那樣。您可以在跌倒檢測、碰撞檢測和心電圖等方面看到這一點。這些東西不僅是偉大的功能。他們在那裡拯救人們的生命。所以這絕對是非凡的。所以我們是——我們認為人工智能是巨大的。我們將繼續在非常周到的基礎上將其編織到我們的產品中。

Okay. And then can you talk a bit about your shift in manufacturing and diversification of manufacturing footprint? I'm curious, obviously, you have a very tight network in China. So how is it going to move to some of these other regions? Are you seeing any impact from a margin perspective? Or just any thoughts you have on what you've seen as you started to shift more and more outside of China, whether it's growth or it's actual production?

好的。然後你能談談你在製造方面的轉變和製造足蹟的多樣化嗎？我很好奇，很明顯，你們在中國有一個非常緊密的網絡。那麼它將如何轉移到其他一些地區呢？從利潤率的角度來看，您是否看到任何影響？或者當你開始越來越多地轉移到中國以外的地方時，你對你所看到的有什麼想法，無論是增長還是實際生產？

Our supply chain is truly global, and we're investing all over the world. We're investing in the U.S. We're investing in a number of other countries as well. And so we make products everywhere. We'll continue to invest everywhere. And we'll continue to look for ways to optimize the supply chain based on what we learn each and every day and week and so forth to ensure that we can deliver the best products and services for our customers. If you sort of step back and look at how we performed over the last 3 years on the supply chain, despite this parade of horribles if you will, between the pandemic and the chip shortages and macroeconomic kind of factors, the supply chain has been incredibly resilient, and we feel good about what we are and what our plans are.

我們的供應鍊是真正的全球化，我們在世界各地進行投資。我們在美國投資。我們也在其他一些國家投資。所以我們到處都生產產品。我們將繼續在各地投資。我們將繼續尋找方法，根據我們每天、每周等所學到的知識來優化供應鏈，以確保我們能夠為客戶提供最好的產品和服務。如果你退後一步，看看我們過去 3 年在供應鏈上的表現，儘管你願意的話，儘管發生了這些可怕的事情，但在大流行病、芯片短缺和宏觀經濟等因素之間，供應鏈一直令人難以置信有彈性，我們對自己的現狀和計劃感到滿意。

Our next question is from Wamsi Mohan of Bank of America.

我們的下一個問題來自美國銀行的 Wamsi Mohan。

Tim, you had called out on December quarter earnings that Pro models were significantly constrained. Do you see a catch-up on the Pro models specifically in the March quarter? And was the mix better than typical? And do you see that mix renormalizing here in the June quarter? And maybe you can comment on the channel inventory levels as well for iPhones? And I have a follow-up.

蒂姆，你曾在 12 月的季度收益中指出 Pro 模型受到嚴重限制。您是否特別在三月季度看到了 Pro 型號的赶超？混合比典型的好嗎？你是否看到這種組合在 6 月季度重新正常化？也許您也可以評論 iPhone 的渠道庫存水平？我有一個後續行動。

Sure. It's hard to quantify, Wamsi, but we do believe we did recapture some amount of sales in the March quarter. And obviously, we had to set the channel at the right levels, and we're very comfortable with the channel inventory that we have on a forward basis. So we do think there were some, but it's difficult to quantify it.

當然。很難量化，Wamsi，但我們確實相信我們確實在 3 月季度重新獲得了一定數量的銷售額。顯然，我們必須將渠道設置在正確的水平，而且我們對我們在遠期基礎上擁有的渠道庫存非常滿意。所以我們確實認為有一些，但很難量化。

Okay. And Tim, as a follow-up, you launched so many services around Apple Pay. Most recently, you mentioned buy now, pay later, high-yield savings account. Where do you see the expansion in the payments ecosystem over time? And do you look at the payments ecosystem as a standalone revenue opportunity? Or is it more about making the devices even more inseparable from us?

好的。蒂姆，作為後續行動，你圍繞 Apple Pay 推出瞭如此多的服務。最近，您提到了先買後付的高收益儲蓄賬戶。隨著時間的推移，您在哪裡看到支付生態系統的擴展？您是否將支付生態系統視為一個獨立的收入機會？或者更多的是讓設備與我們更加密不可分？

What we're trying to do with our payments work is that sort of like we've done on the Watch where we're focused on helping people live a healthier day. On our financial products, we are helping people have a better financial health. And so things like the Apple Card and the fact that it has no fees, like the savings account, which has, as you mentioned, its very attractive yield. So we're trying to help our users.

我們在支付方面所做的工作有點像我們在 Watch 上所做的那樣，我們專注於幫助人們過上更健康的一天。在我們的金融產品上，我們正在幫助人們擁有更好的財務健康。諸如 Apple Card 之類的東西以及它不收費的事實，例如儲蓄賬戶，正如您提到的那樣，它的收益率非常誘人。所以我們正在努力幫助我們的用戶。

And these things -- but these things have to stand on their own, obviously. But we're very user-focused, and so we're listening to them at what things are -- provide them pinch points and orchestrate our road maps around that. Buy now, pay later is another one that we've just gotten out of the chute. But the -- on the savings account in -- specifically, we are very pleased with the initial response on it. It's been incredible.

而這些東西——但顯然，這些東西必須獨立存在。但我們非常以用戶為中心，所以我們正在聽取他們的意見——為他們提供關鍵點並圍繞這一點制定我們的路線圖。現在購買，稍後付款是我們剛剛推出的另一個產品。但是 - 關於儲蓄賬戶 - 特別是，我們對它的初步反應感到非常滿意。這太不可思議了。

Our next question is from David Vogt of UBS.

我們的下一個問題來自瑞銀集團的 David Vogt。

Tim, I just wanted to go back maybe kind of dig into the restocking of inventory in the channel versus what we're hearing from a demand perspective, that appears to be a little bit softer in the March quarter from some of your larger carriers that exhibited relatively weak upgrade rates. So I just wanted to kind of get a sense for where you're seeing demand signals today vis-a-vis how you were thinking about it maybe a month ago or even 3 months ago. And is there sort of an acceleration in demand or any sort of signals that you might want to share with us at this point? And then I have a follow-up.

蒂姆，我只是想回過頭來深入研究一下渠道中的庫存補充情況與我們從需求角度所聽到的情況，在 3 月季度，一些較大的運營商似乎有點疲軟表現出相對較弱的升級率。因此，我只是想了解您今天在何處看到需求信號，以及您可能在一個月前甚至 3 個月前是如何考慮的。在這一點上，您可能想與我們分享需求的加速或任何類型的信號嗎？然後我有一個後續行動。

I don't want to go into what we're seeing in Q3 other than the guidance that Luca has given. But for Q2, I think you're probably referencing primarily U.S. carriers. And if you look at our geographic distribution of our performance, it was lower in the Americas, which is primarily predominantly the United States. And a part of that is, I believe, is macroeconomic, a part is that there were more promotional activity in the year ago quarter. And so I think that's what you're seeing there. The -- where our results were really stellar during this quarter was really in the emerging markets. And we're -- we couldn't be prouder of the results that we had there.

除了 Luca 給出的指導之外，我不想討論我們在第三季度看到的內容。但對於第二季度，我認為你可能主要指的是美國航空公司。而且，如果您查看我們業績的地理分佈，美洲的業績較低，主要是美國。我認為，其中一部分是宏觀經濟，一部分是去年同期有更多的促銷活動。所以我認為這就是你在那裡看到的。本季度我們的業績真正出色的地方確實是在新興市場。我們——我們為我們在那裡取得的成果感到無比自豪。

Great. That's helpful. And then just quickly on services, are you seeing anything in terms of consumers' behavior other than sort of the macro that you mentioned and tough comps on digital advertising and mobile gaming? Are you seeing users of all the disparate services change and what they're using, how they're using it and time spent with an Apple service now that we're technically, hopefully, fully past COVID with China almost fully reopened. I'm just trying to get a sense for how user or consumer behavior has changed over the last 3 to 6 months?

偉大的。這很有幫助。然後在服務方面很快，除了你提到的宏觀和數字廣告和移動遊戲的艱難競爭之外，你是否看到了消費者行為方面的任何東西？你是否看到所有不同服務的用戶發生變化，他們正在使用什麼，他們如何使用它以及在 Apple 服務上花費的時間，現在我們在技術上，希望，完全過去 COVID 隨著中國幾乎完全重新開放。我只是想了解過去 3 到 6 個月內用戶或消費者行為發生了怎樣的變化？

David, it's Luca. As you said, of course, we got the issue around the macroeconomic environment, particularly in advertising and in mobile gaming. But outside of those areas, the behavior of customers continues to be pretty consistent. We are doing particularly well. Obviously, in some of the services that we've launched more recently like payments where our growth rates are very strong as the adoption of Apple Pay and Apple Card and now the new services that Tim mentioned and the adoption continues to increase.

大衛，是盧卡。正如你所說，當然，我們遇到了宏觀經濟環境的問題，特別是在廣告和手機遊戲方面。但在這些領域之外，客戶的行為仍然非常一致。我們做得特別好。顯然，在我們最近推出的一些服務中，比如支付，隨著 Apple Pay 和 Apple Card 的採用，我們的增長率非常強勁，現在 Tim 提到的新服務和採用率繼續增加。

Cloud is an area that continues to grow very consistently. Users want to store more photos and videos and more content on their devices and so they adopt our cloud services. And in general, the model in the App Store around paid subscriptions continues to grow very strongly. I mentioned we now have more than 975 million paid subscriptions on the platform. And that's almost twice as much what we had only 3 years ago. So obviously, the growth in subscriptions is very strong.

雲是一個持續增長的領域。用戶希望在他們的設備上存儲更多的照片和視頻以及更多的內容，因此他們採用我們的雲服務。總的來說，App Store 中圍繞付費訂閱的模式繼續強勁增長。我提到我們現在在平台上有超過 9.75 億的付費訂閱。這幾乎是我們 3 年前的兩倍。很明顯，訂閱量的增長非常強勁。

Our next question is from Samik Chatterjee of JPMorgan.

我們的下一個問題來自摩根大通的 Samik Chatterjee。

I guess maybe I can follow up on David's question here on services. And in the past, prepandemic, the growth rate there was more about sort of mid-teens. The growth rates today, where you stand, even if I back out FX impact, is more about low double digits. So one of the questions that we get often from investors and I want to get your thoughts on is even as the installed base growth seems to have accelerated, are these more cyclical drivers that are depressing growth at this point from returning to that level? Or do you see more of a rollout on the monetization that you have need to do to get back to those growth levels? And I have a follow-up, please.

我想也許我可以在這裡跟進 David 關於服務的問題。在過去，在大流行前，那裡的增長率更多是在十幾歲左右。今天的增長率，你所處的位置，即使我反對外匯影響，更多的是低兩位數。因此，我們經常從投資者那裡得到的一個問題，我想听聽你的想法，即使安裝基數增長似乎已經加速，這些更具週期性的驅動因素是否正在抑制增長回到那個水平？或者您是否看到更多關於貨幣化的推出，您需要做這些才能恢復到這些增長水平？我有一個後續行動，請。

Samik, the areas where we are seeing the impact of the macro environment, as I mentioned, is digital advertising. As you know, obviously, the macro environment is not helping on that front, and mobile gaming, where we've seen a bit of a slowdown, partly due to the macro environment, partly due to the fact that we had very elevated usage during the COVID years. But outside of those areas, we continue to see very healthy growth rates.

Samik，正如我提到的，我們看到宏觀環境影響的領域是數字廣告。如您所知，顯然，宏觀環境在這方面沒有幫助，而移動遊戲，我們看到了一些放緩，部分原因是宏觀環境，部分原因是我們在期間的使用率非常高新冠肺炎年。但在這些領域之外，我們繼續看到非常健康的增長率。

Okay. And maybe if I can just follow up, and this is more of a macro question. I don't know if, Luca, you, or Tim, want to take this. But obviously, the macro is not sort of helpful at this point, but what you're sort of implying in terms of your guide is momentum for your products remains pretty stable. You're actually guiding to a modest uptake, ex FX, for the overall business. I mean, what are you seeing in terms of customer sort of spending trends? And overall, does the consumer sort of continue to deteriorate in terms of spending patterns? And is your sort of momentum here just a function of share gains? How should we think about sort of where the consumer is versus what your products are doing independent of that?

好的。也許我可以跟進，這更像是一個宏觀問題。我不知道 Luca、你或 Tim 是否想接受這個。但顯然，宏觀在這一點上沒有什麼幫助，但你在指南中暗示的是，你的產品的勢頭仍然相當穩定。您實際上是在指導整體業務適度吸收，ex FX。我的意思是，您對客戶的消費趨勢有何看法？總體而言，消費者的消費模式是否會繼續惡化？你在這裡的勢頭只是股票收益的函數嗎？我們應該如何考慮消費者的位置與您的產品獨立於此的作用？

Part of it, Samik, is what Tim was talking about. We're having great momentum in emerging markets, and those are markets where our share is low, gives us a great opportunity to grow over time. It also helps us with the growth of the installed base because you can imagine any places where our market share is low, we tend to add a lot of switchers, people that are new to the Apple ecosystem. That increases the installed base. And over the longer term, it obviously improves our ability to monetize on services as well.

薩米克，其中一部分是蒂姆所說的。我們在新興市場的發展勢頭強勁，而這些市場我們的份額較低，這為我們提供了隨著時間的推移實現增長的絕佳機會。它還幫助我們增加了安裝基礎，因為你可以想像在我們市場份額較低的任何地方，我們傾向於添加很多切換器，這些人是 Apple 生態系統的新手。這增加了安裝基礎。從長遠來看，它顯然也提高了我們通過服務獲利的能力。

Our next question is from Amit Daryanani of Evercore.

我們的下一個問題來自 Evercore 的 Amit Daryanani。

I have 2 as well. I guess, first up on gross margins for the June quarter, they seem to be holding up fairly well, especially given the fact that sales are going down on a sequential basis. So Luca, I wonder if you can just touch on what's driving the strength in gross margin sequentially? It's offsetting the lack of leverage, if you may. And then I also noticed that the range of your gross margin guide is 50 basis points. It's typically 100. What does that entail? What does that mean?

我也有2個。我想，首先是在 6 月季度的毛利率上，它們似乎保持得相當好，特別是考慮到銷售額連續下降的事實。所以盧卡，我想知道你是否可以依次談談是什麼推動了毛利率的增長？如果可以的話，它正在抵消缺乏槓桿作用。然後我還注意到你的毛利率指南的範圍是 50 個基點。它通常是 100。這意味著什麼？這意味著什麼？

So the -- you're right. I mean, we are guiding to a fairly stable level of gross margins at a very high level. We're very happy with the gross margins that we're having this cycle. For the first time in several quarters, foreign exchange, we expect foreign exchange to be flat on a sequential basis at the gross margin level. Unfortunately, still a headwind at the revenue level. But at gross margin level, sequentially, we expect foreign exchange not to be a factor.

所以——你是對的。我的意思是，我們正在引導一個相當穩定的毛利率水平在一個非常高的水平。我們對這個週期的毛利率感到非常滿意。幾個季度以來首次，外匯，我們預計外彙在毛利率水平上連續持平。不幸的是，收入水平仍然不利。但在毛利率水平上，我們預計外匯不會成為一個因素。

And so the seasonal loss of leverage that you're referring to, we expect to be offset by cost savings. And so that should give us that level of margins. As you know, you were asking about the 50 basis points. We have guided to 50 basis points of our range before as well. This year, in particular, because of the 14th week in the -- during the December quarter, we're a bit late in the calendar year, right? And so we have a bit more visibility around margins for the June quarter.

因此，您所指的季節性槓桿損失，我們預計將被成本節約所抵消。所以這應該給我們那個水平的利潤率。如您所知，您問的是 50 個基點。我們之前也指導過我們範圍的 50 個基點。特別是今年，由於在 12 月季度的第 14 週，我們在日曆年中有點晚了，對吧？因此，我們對 6 月季度的利潤率有了更多的了解。

Got it. That's helpful. And then I guess, Tim, if I just go back to the India discussion a bit. Perhaps you could just contrast what you're seeing in India today versus what you saw in China maybe a decade or so ago. Is that a reasonable ramp to think India would have? Or could it be different from the lessons you've seen in China?

知道了。這很有幫助。然後我想，蒂姆，如果我回到印度的討論。或許您可以將今天在印度看到的情況與大約十年前在中國看到的情況進行對比。這是認為印度會擁有的合理坡道嗎？或者它會不會與你在中國看到的教訓不同？

I think each country is different and has their own journey, and so I hesitate to compare too much. But what I do see in India is a lot of people entering the middle class, and I'm hopeful that we can convince some number of them to buy an iPhone. And we'll see how that works out. But right now, it's working out well.

我覺得每個國家都是不同的，都有自己的旅程，所以我不敢過多比較。但我在印度確實看到很多人進入中產階級，我希望我們能說服他們中的一些人購買 iPhone。我們將看看結果如何。但現在，它運作良好。

Our next question is from Krish Sankar of TD Cowen.

我們的下一個問題來自 TD Cowen 的 Krish Sankar。

The first question I had is for Tim. Tim, you have primarily been a consumer-centric company, but it seems like the line is blurring with the iPhone, iPad hardware products being used for corporate applications. So is there a way to segment how much of your revenues today are coming from enterprise and consumer? And does the slower corporate IT spend impact your outlook for iPhone, iPad, Mac, et cetera? And then I had a follow-up.

我的第一個問題是給蒂姆的。蒂姆，你主要是一家以消費者為中心的公司，但隨著 iPhone、iPad 硬件產品被用於企業應用程序，這條線似乎變得模糊了。那麼，有沒有一種方法可以區分您今天的收入中有多少來自企業和消費者？公司 IT 支出放緩是否會影響您對 iPhone、iPad、Mac 等產品的展望？然後我進行了跟進。

Internally, we have our estimates for how much is enterprise versus consumer. And the enterprise business is growing. We have been focusing a lot on BYOD programs, and there's more and more companies that are leaning into those and giving employees the ability to select which is -- plays to our benefit, I believe, because I think a lot of people want to use a Mac at work or an iPad at work. And so -- but we're certainly primarily a consumer company in terms of our revenues, obviously.

在內部，我們對企業與消費者的比例有多少進行了估算。企業業務不斷增長。我們一直非常關注 BYOD 計劃，並且越來越多的公司開始採用這些計劃並讓員工能夠選擇對我們有利的，我相信，因為我認為很多人都想使用工作中的 Mac 或工作中的 iPad。所以 - 但顯然，就我們的收入而言，我們當然主要是一家消費品公司。

Got it, Tim. And then just as a follow-up, obviously, a lot of questions on the India retail opening. I'm just kind of curious, you also mentioned that you hope to convert a lot of folks into iPhone there. Where do you think the biggest opportunity is? Is it like primarily a hardware business like the iPhone, iPad, Wearables, et cetera? Or do you think there is a service opportunity in India longer term, too?

明白了，蒂姆。然後作為後續行動，很明顯，很多關於印度零售店開業的問題。我只是有點好奇，您還提到您希望在那裡將很多人轉換為 iPhone。你認為最大的機會在哪裡？它主要是像 iPhone、iPad、可穿戴設備等硬件業務嗎？或者你認為印度也有長期的服務機會嗎？

I think there's an opportunity across the board, including in services. Obviously, the ARPUs are lower in India for whether you're talking about TV and movie streaming or music. The ARPUs are much lower than other regions. But if you look at it over a long arc of time, I think there's a good opportunity across the board.

我認為包括服務業在內的各個領域都有機會。顯然，無論您是在談論電視和電影流媒體還是音樂，印度的 ARPU 都較低。 ARPU 遠低於其他地區。但如果你從很長一段時間來看它，我認為這是一個全面的好機會。

Our next question is from Aaron Rakers of Wells Fargo.

我們的下一個問題來自富國銀行的 Aaron Rakers。

I guess my first question is that I want to go back to kind of the geographical dynamics. I'm curious, as we all think about the reopening attributes of China, just how you would characterize the shaping of demand you saw through the course of this last quarter and kind of how you're thinking about the impact of that reopening playing out over the next couple of quarters?

我想我的第一個問題是我想回到某種地理動態。我很好奇，當我們都在考慮中國的重新開放屬性時，您將如何描述您在上個季度的過程中看到的需求塑造以及您如何看待重新開放的影響在接下來的幾個季度？

If you look at China, our revenue came in at negative 3 for the quarter year-over-year, but we actually grew on a constant currency basis. And we also accelerated as compared to the December quarter, which, as you know, had 14 weeks in it and was a negative 7 on a reported basis. And so we were pleased with how we did and with the acceleration that we saw with the reopening. And we'll see how we do this quarter, but if you look at the top-selling smartphones in urban China based on a survey from Kantar, we have 4 out of the top 5.

如果你看看中國，我們的收入在本季度同比下降了 3，但我們實際上是在固定匯率的基礎上增長的。與 12 月季度相比，我們也有所加速，如您所知，該季度有 14 週，並且在報告的基礎上為負 7 週。因此，我們對我們的工作方式以及我們在重新開放中看到的加速感到滿意。我們將看看本季度的表現，但如果你根據凱度的一項調查查看中國城市最暢銷的智能手機，前 5 名中有 4 款。

And I think in all of the third-party data I've seen on the market itself in the smartphone space, we believe we gained share during Q2. So we feel good about it. It also -- China has a lot of very good metrics in terms of new buyers. For example, on the Mac, about 6 out of 10 customers are buying the Mac for the first time. Same thing on iPad. If you look over at the Watch, it's more than 3 out of 4 customers are buying the Watch for the first time. And so the buyer metrics, if you will, are very, very good. And our services business hit an all-time record in China during the quarter.

而且我認為在我在智能手機市場本身看到的所有第三方數據中，我們相信我們在第二季度獲得了份額。所以我們對此感覺很好。它還 - 中國在新買家方面有很多非常好的指標。例如，在 Mac 上，十分之六的客戶是第一次購買 Mac。 iPad 上也一樣。如果你看一下 Watch，超過四分之三的顧客是第一次購買 Watch。因此，如果您願意的話，買家指標非常非常好。本季度，我們的服務業務在中國創下歷史新高。

Yes. Very helpful, Tim. As a quick follow-up, I want to go back to Amit's question on gross margin. You talked about FX, the lessening impact there. I'm just curious if when you look at your gross margin, obviously, you got mix attributes kind of potentially continuing to drive that higher. But I'm curious on the current environment, how you would characterize the component pricing dynamics and what you're thinking about in this current quarter's guidance?

是的。非常有幫助，蒂姆。作為快速跟進，我想回到阿米特關於毛利率的問題。你談到了外匯，那裡的影響正在減弱。我只是很好奇，當你看你的毛利率時，顯然，你有可能繼續推動更高的混合屬性。但我對當前環境很好奇，您如何描述組件定價動態以及您在當前季度的指導中考慮什麼？

Yes. The environment on the component side is favorable. We've seen component prices decline during the March quarter, and we expect the same during the June quarter.

是的。組件端的環境是有利的。我們已經看到組件價格在 3 月季度下降，我們預計 6 月季度也會出現同樣的情況。

Our next question is from Sidney Ho of Deutsche Bank.

我們的下一個問題來自德意志銀行的 Sidney Ho。

I was hoping you can talk about the linearity of the March quarter and perhaps the first 4.5 weeks of the current quarter. It looks like things are slowing down quite a bit elsewhere. But if my math is right, your fiscal third quarter guidance implied product revenue will be a little bit lower than seasonal average on a sequential basis. Any color would be helpful.

我希望你能談談 3 月季度的線性，也許是本季度的前 4.5 週。看起來其他地方的情況正在放緩。但如果我的計算是正確的，你的第三財季指引暗示產品收入將略低於季度平均水平。任何顏色都會有幫助。

We said that we expect our performance during the June quarter at the revenue level to be similar to the one that we've just reported for the March quarter. Keep in mind that we always have differences in the launch timing across our products. And also that especially over the last few years, we've seen a certain amount of supply disruptions. Sometimes it was COVID related, sometimes it was related to specific component shortages. Just to remind you, in the June quarter a year ago, we had the full quarter impact of the launch for both of the iPhone SE and the iPad Air, which leads to a more difficult compare. So I think it's important to keep those things in mind.

我們說過，我們預計我們在 6 月季度的收入水平表現與我們剛剛報告的 3 月季度相似。請記住，我們的產品在發佈時間上始終存在差異。而且，尤其是在過去幾年中，我們看到了一定程度的供應中斷。有時與 COVID 相關，有時與特定組件短缺有關。提醒您，在一年前的 6 月季度，我們對 iPhone SE 和 iPad Air 的發布產生了整個季度的影響，這導致比較困難。所以我認為記住這些事情很重要。

Okay. That's helpful. Maybe as a quick follow-up. You talked about Apple Pay Later. How has the feedback been so far? And how do you expect the adoption of that service over the next 2 quarters?

好的。這很有幫助。也許作為快速跟進。你後來談到了 Apple Pay。到目前為止反饋如何？您如何看待在接下來的兩個季度內採用該服務？

The feedback for both Apple Pay Later and the Savings product have both been really good. And we think both of them help customers live a better -- or a healthier financial life. And so we are very excited about the first days of both of them.

Apple Pay Later 和 Savings 產品的反饋都非常好。我們認為它們都可以幫助客戶過上更好或更健康的財務生活。因此，我們對他們兩人的第一天感到非常興奮。

Our next question is from Harsh Kumar of Piper Sandler.

我們的下一個問題來自 Piper Sandler 的 Harsh Kumar。

Tim, you're one of the largest chip companies. You're not a component maker, you actually use your own products. But we almost never hear in any context of you guys being a beneficiary, Apple being a beneficiary for either the CHIPS Act money or the R&D tax credit that's being proposed. I was just curious if you are eligible for any of those? And then I've got a follow-up.

蒂姆，你是最大的芯片公司之一。您不是組件製造商，您實際上使用自己的產品。但我們幾乎從未聽說過你們是受益者，Apple 是 CHIPS 法案資金或提議的研發稅收抵免的受益者。我只是好奇你是否有資格獲得其中任何一項？然後我有一個後續行動。

I don't see Apple participating in the CHIPS Act directly, but we would be a beneficiary indirectly because some of our partners would hopefully be recipients of it, and therefore, put in additional capacity. And so on that sort of indirect basis, we would have a benefit.

我不認為 Apple 直接參與了 CHIPS 法案，但我們將成為間接受益者，因為我們的一些合作夥伴有望成為該法案的接受者，從而增加產能。因此，在這種間接基礎上，我們會受益。

Understood. Look, I wanted to clarify your comments about June. When you're saying June performance will be similar to March, I assume on a year-on-year basis, which would be June, should be down about 2-something -odd percent. Is that a fair way? And then my question that I wanted to ask, maybe another one for Tim was, what do you think is the largest opportunity in your services offering? I mean you're doing a great job. You just set a record. But surely, there must be areas where you think you can do better?

明白了。聽著，我想澄清一下你對 June 的評論。當你說 6 月的表現將與 3 月相似時，我假設與去年同期相比，也就是 6 月，應該下降大約 2 個百分點。這是公平的方式嗎？然後我想問的問題，也許蒂姆的另一個問題是，你認為你提供的服務中最大的機會是什麼？我的意思是你做得很好。你剛剛創造了一個記錄。但可以肯定的是，一定有您認為可以做得更好的領域？

Yes. So to the -- to your question around the June performance, yes, on a year-over-year basis, so comparable to the March quarter on a year-over-year basis.

是的。因此，對於您關於 6 月表現的問題，是的，與去年同期相比，與 3 月季度相比。

Harsh, I think we can do better on everything. And so I wouldn't just point to one of them. If you look at the number of active devices and the growth of active devices, I think, our services are underpenetrated in a number of different ways. And so I -- the way that I look at it is there's opportunity in many of them.

苛刻，我認為我們可以在所有方面做得更好。所以我不會只指出其中之一。如果你看看活躍設備的數量和活躍設備的增長，我認為，我們的服務在許多不同方面都沒有得到充分滲透。所以我 - 我看待它的方式是他們中的許多人都有機會。

All right. Thank you, Harsh. A replay of today's call will be available for 2 weeks on Apple Podcast, as a webcast on apple.com/investor and via telephone. The number for the telephone replay is (866) 583-1035. Please enter confirmation code 4934362 followed by the pound sign. These replays will be available by approximately 5 p.m. Pacific Time today. Members of the press with additional questions can contact Josh Rosenstock at (408) 862-1142, and financial analysts can contact me with additional questions at (408) 862-5119. Thanks again for joining us.

好的。謝謝你，苛刻。今天電話會議的重播將在 Apple 播客上、apple.com/investor 上的網絡廣播和電話重播，為期 2 週。電話重播號碼是 (866) 583-1035。請輸入確認碼 4934362，然後輸入井號。這些重播將在下午 5 點左右提供。今天太平洋時間。有其他問題的媒體成員可以撥打 (408) 862-1142 聯繫 Josh Rosenstock，金融分析師可以撥打 (408) 862-5119 聯繫我。再次感謝您加入我們。

Once again, this does conclude today's conference. We do appreciate your participation.

再一次，今天的會議到此結束。我們非常感謝您的參與。